There's No Chicken in Chicken Fried Steak

Retire Confidently Podcast

Just because we repeat something over and over doesn't make it true. Similarly, just because someone believes something to be true, that also doesn't make it true.
Enter the confusion around the Personal Residence Exclusion.
If you meet certain conditions, you may exclude the first $250,000 of gain from the sale of your home from your income and avoid paying taxes on it. The exclusion is increased to $500,000 for a married couple filing jointly. There are also several exceptions to the exclusions as well. For example, a death in the family, losing your job and qualifying for unemployment, not being able to afford the house anymore because of a change in employment or marital status, a natural disaster that destroys your house, or you or your spouse have twins or another multiple birth.
But don't do something based on what your neighbor says, what you've heard, or what you think you might remember. Count on someone who works in this space, knows the ins and out, and can help you move forward confidently.

Are you getting what you want or are you putting yourselves in a position someone could try and get the better of you?

Find out more about the Retire Confidently Program
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Telton W Hall, CFP® is a husband, father, retirement planning expert, small-town-boy at heart, nationally published author, sought-after speaker, former college basketball player, founder/owner/team member of Utah based Advanced Financial Planning LLC, hiking enthusiast, Jesus follower, business leader, team builder, and to the core Telton is an educator.